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Exeter Property Group Lands an Industrial Complex

STRATFORD, CT—The real estate investment management firm purchased the four-building, 428,000-square-foot asset from Stratford Development.

By John Jordan | johnjordan | | Updated on June 28, 2016
Stratford Industrial Park, Stratford, CT Spread out over 428,000 square feet, Stratford Industrial Park is located in Stratford, CT.
STRATFORD, CT—Exeter Property Group bested significant competition in acquiring the Stratford Industrial Park here. The Plymouth Meeting, PA-based real estate investment management firm purchased the four-building, 428,000-square-foot asset for $41 million from Stratford Development. Cushman & Wakefield’s Kyle Schmidt worked on the sale with metropolitan area capital markets Group team members Gary Gabriel, Andrew Merin, David Bernhaut, Al Mirin and Kate Schwartz. C&W represented the seller and procured the buyer in the transaction. Officials with that group say that the 34-acre property at 500-650 Long Beach Blvd. drew significant investor interest. The complex is 100% leased and serves as a strategic hub for tenants: Starbucks, FedEx Ground, Carrier Corporation and Endo International. “This is a superior-quality, newer industrial development located two turns off of I-95 with access to affluent, densely populated Fairfield County and the larger I-95 corridor stretching across southern Connecticut,” Gabriel says. “The park has successfully competed for significant distribution uses and, likewise, was a prime investment target. We had strong interest from a variety of investors.” Stratford Industrial Park was constructed between 2001 and 2011 and features four institutional-quality buildings designed for high-efficiency through put and inventory turnover, with 50′ x 40′ column bays, and excess auto and truck parking. Last month, Exeter increased its Southwest industrial holdings with the $66-million purchase of the Phoenix Metro portfolio.  

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